He was destined to be a doctor — until defeat and disappointment led him to a much more lucrative career.
Charlie Chang is a 31-year-old serial entrepreneur based out of Southern California. A UCLA grad, Chang’s parents wanted him to become a doctor, but every single one of his medical school applications was rejected.
Failure. Every entrepreneur experiences it, but those who are successful overcome it.
Chang certainly did. He now operates as a self-proclaimed solopreneur making over $128,000 per month from 12 different income streams.
To give you a better idea of how Chang built his personal brand into a thriving business, here is a closer look at each source of income he generates month after month.
1. Real Estate Brokerage
Chang started a real estate brokerage business back in 2017 called Core Capital Realty. He started by himself and has since recruited and hired 8 additional agents to work under his umbrella.
Chang makes money from his brokerage business in two ways.
First, he makes a flat fee any time one of the agents on his team sells a house for one of their clients.
Second, he is licensed in California to help his own clients buy and sell real estate and makes a commission, usually about 2.5%, each time he assists in closing a transaction.
2. Fulfillment By Amazon (FBA)
Chang started his fulfillment by Amazon business back in 2016.
For those of you that may not be familiar with Amazon FBA, it involves sending your products to Amazon’s warehouse, then listing them for sale on the Amazon marketplace. Once a customer purchases the product online, Amazon packs and ships the product directly to the customer.
Chang currently has 6 product listings on Amazon’s Marketplace, most of which he picked based on his own personal needs.
Once he finds a product he likes, he tests it initially to make sure it sells at a profit, then finds a manufacturer overseas and has his own label placed on each of the products. The manufacturer ships directly to Amazon’s warehouse, and Amazon then sends each item to the customer when they order.
3. Affiliate Marketing
Chang’s next source of revenue: affiliate marketing.
This process requires a heavy lift when it comes to content creation, and Chang insists this content needs to be highly specific to a target audience if you want to have success.
With this in mind, Chang reaches his sprawling audience through three YouTube channels as well as his Instagram & TikTok accounts. He’s adamant that the products and services he recommends — mostly in the personal finance niche — are things that his audience needs and wants.
When those people sign up for the service or buy the product, Chang makes a commission, providing him with passive income.
4. Mortgage Loan Origination
Chang’s first job, and one of the only full-time jobs he ever worked, was as a loan originator. He has a license and background in helping people finance or refinance their home.
These days, Chang doesn’t actively build or promote his loan origination business, but still helps clients when they ask. In the event he is responsible for closing a loan, he makes a commission for sourcing the transaction.
5. Photography
Chang took an interest in photography from an early age and has since turned his hobby into a significant income stream.
He started with portraits in high school and eventually graduated to filming weddings and taking on sorority shoots in college. His niche doing grad shoots provides a nice little source of income for him year after year.
6. YouTube AdSense
YouTube makes money through advertising revenue generated from ad placements at the beginning and throughout videos generated by its creators.
The company then shares that revenue with the creators themselves; 55% going to the video creator and 45% staying with YouTube.
Chang runs three YouTube channels. Today, his main channel has nearly 1 million subscribers and over 47 million views.
Chang enjoys a comfortable income from YouTube advertising revenue generated, and the best part is that his videos continue to earn more views every day which provides him with an evergreen source of revenue for years to come.
7. Brand Deals & Sponsorships
In addition to affiliate marketing and YouTube revenue, many brands reach out and pay Chang directly to feature and recommend their products and services.
Since he has such a large and trusting audience, brands want to leverage that trust to increase their sales and are more than happy to compensate Chang accordingly.
In many cases, the brand needs Chang more than he needs the brand, offering him leverage to negotiate higher upfront fees and commission rates.
8. Course Sales
When you think about all the success Chang has enjoyed on YouTube, it makes sense that he put together a course to teach his skills to interested members of his audience.
He sells his YouTube Academy course for $197 and currently has over 300 members enrolled in his program. This course sells in the background of his business with limited promotion or marketing efforts.
9. Print Modeling
Believe it or not, companies often look for average looking people to appear in their lifestyle shoots to make their advertisements more relatable to customers.
Chang is by no means a fashion model, but he has been fortunate enough to appear in ads for large companies and brands to include Apple, Walmart, UCLA, Braun, Mercedes, Asics and more!
10. Consulting Calls
Chang offers himself as a mentor to a few aspiring online entrepreneurs each week through two consulting packages, each of which cost $3,000.
The first is a monthly relationship in which the client gets access to two 45-minute Zoom calls with Chang. He helps put together a full business and action plan depending on where the client stands in their business.
The other is a one-time fee to work out and spend the morning with him. The client is free to ask him anything they would like and the package includes a ride in his Ferrari.
11. Stock Market & Crypto
When it comes to investing, Chang is very conservative and plays a long-term game, but his strategy is valid.
He believes that everyone should be investing their money into index funds and other stable companies with long-term value, because otherwise your money is actually losing value.
12. Real Estate Investments
Finally, Chang bought a condo in Los Angeles with his sister a few years back. They renovated the investment property and it now provides rental cash flow each month. Every month, they establish more equity in the property and the value of the property itself continues to appreciate. All things considered, this real estate asset is another stable, long-term source of income for years to come.
So many in the U.S. and around the world rely on a single source of income with no contingency plan if for some reason it dries up one day.
Charlie Chang’s lucrative and surprisingly diverse income is truly inspiring. He is a real-life example of what it means to be a successful entrepreneur, providing a model for people looking to achieve financial freedom in their life.
This article was produced by Media Decision and syndicated by Wealth of Geeks.
Michael founded Pursuit of Passive Income to help its readers achieve financial freedom and create a life they love. He is living proof that every failure is just one step closer to success, having started and shuttered many failed businesses. Michael now makes a full-time income from Pursuit of Passive Income and strives to help others create passive income streams. Read more about Michael’s Story Here!
https://wealthofgeeks.com/12-income-sources/
